Compensation & Benefit System
Define a firm’s compensation & benefit system to ensure firm profitability and fair partners compensation.
1. Your needs
- Setting a system that both ensures retaining rainmakers through fair compensation and rewarding culture alignment, cross-selling, knowledge sharing and firm’s dedication efforts
- Favoring internal communication and partner’s support and relative content towards the new system
- Defining criteria that are objective and understandable for everyone and drafting them in the most efficient and clear wording
2. Our solutions
- Analyzing firm’s total income and profitability over the past 3 to 5 years and share of firm’s income and profitability related to each partner
- Collecting and analyzing all costs (salaries, furniture) per partner and department, as well as fees for common expenses and documentation related to the current system
- Running individual interviews with all or key partners of the firm in order to assess their expectations and their perceptions and concerns regarding the current system
- Presenting scenarios of various compensation & benefit systems (with their upsides/downsides) to the firm’s top management, with tailored Excel modeling tools
- Drafting the new compensation & benefit chart
- Setting the communications plan
3. Our deliverables
- Report including firm’s income and profitability analysis, costs analysis, partners expectations and concerns identification, major scenarios and their likely impact, …
- Compensation & Benefit System Excel Modeling Tool
- Draft of the new compensation & benefit system
- Internal communications plan related to the presentation of the new system